A RUSSIAN company, Agribiotech International Limited, will this year set up an organic fertiliser manufacturing plant in KapiriMposhi which is expected to create 3,000 jobs with an initial investment of US$28 million.
Speaking at the signing of the investment promotion and protection agreement (IPPA) in Lusaka yesterday, Minister of Commerce, Trade and Industry Felix Mutati welcomed the development because the flow of investment between Zambia and Russia has been low despite the warm relations between the two countries.
“We need to change the equation and put more emphasis on trade and investment promotion. This is certainly good for job creation and economic growth. The journey that we are beginning today responds to the shift in the emphasis on trade and investment promotion,” Mr Mutati said.
He said Zambia has immense investment opportunities in all sectors of the economy.
Mr Mutati said Government will use the IPPA it signed with Agribiotech International Limited to reap more investment opportunities from American investors who will be attending the Africa Growth and Opportunity Act (AGOA) Forum in Lusaka.
He said once set up, the organic fertiliser plant will reduce the cost of production, which has made Zambia’s agricultural sector uncompetitive in the region.
The minister said the development will also result in the transfer of unique technology between Zambian and Russian scientists.
Mr Mutati assured that Government will support the project because of the benefits that will accrue to Zambia.
Earlier, Russian Ambassador to Zambia Boris Malakov said there is need for Russia and Zambia to promote bilateral relations in the context of trade and investment promotion.
Mr Malakov said since Russia recovered from effects of the global financial crisis; his government has been receiving requests from Russian investors who are considering making substantial investment in Zambia.
He said Russia is placing more emphasis on increasing trade and investment co-operation with African countries because the continent has become different, as its voice in world affairs has become louder.
He said the joint venture will have a positive impact on the agricultural sector of Zambia and other countries in the Common Market for Eastern and Southern African.
And Agribiotech vice-director of science Vladimir Petrov said both Zambia and Russia have huge potential for innovation in all sectors of the economy.
Dr Petrov said his company has introduced on the Zambian market an environmentally friendly product, which will go a long way in addressing many problems in the agricultural sector, especially those faced by small-scale farmers.
He said it will also reduce Zambia’s dependency on imported agricultural inputs.
Dr Petrov thanked the Zambian and Russian governments for their support to the project.
According to findings of tests conducted by the Golden Valley Agriculture Research Trust on the organic fertiliser (extrasol), the product has shown improvement in crop production.
“Crops treated with extrasol only showed almost similar results as crops applied with recommended fertiliser. The results have shown that farmers can save a lot of money and increase profits by using extrasol. Extrasol, being an organic fertiliser, would increase production of organic crops in Zambia by reducing on the need to use large quantities of compost manures that are labour-intensive,” the report reads in part.
[Zambia Daily Mail]
More great news and well done Zambia. 3,000 jobs is a lot for Kapiri Mposhi. This is fantastic news.
What about our own NCZ its run poorely and yet we have competitors coming into the market. It means one thing we are not interested in our own things only when things are brought in by outsiders.
Just like we let off Zambia Airways
@ #2 Dogma998
Nitrogen Chemicals of Zambia was getting govt contracts the whole of last year. They supplied govt with some of the fertilizer that was used in the recent farming season.
NCZ is also up for grabs. Egyptian investors are interested. If you wanted to invest, you should contact ZDA.
Good news indeed. Organic fertiliser is far better than the Chemical fertiliser in many ways. I have used both, and its no contest. So, I hope these plans to produce organic fertiliser materialise.
shame. alot of investors wanted to pump money in nitrgen chemicals but the same corrupt government never wanted such investments because fertilizer is being supplied by the top people. everyone knows this information. your days are just numbered that you should know.
SATA for President!
RB ALL THE WAY!!!!!!